EU back on track - EU leaders agree long-term budget deal
BRUSSELS (Reuters) - European Union leaders agreed a long-term budget that put the troubled 25-nation bloc back on track on Saturday after Britain gave up part of its cherished EU rebate to help boost aid to poor new, east European members.
The late night deal after two days of haggling averted the threat of financial paralysis and restored some confidence after a year of setbacks marked by the rejection of the EU's first constitution by French and Dutch voters. The breakthrough came when Britain agreed to cut its rebate by 10.5 billion euros ($12.57 billion) over seven years and raised the 2007-2013 budget to 862.3 billion euros, or 1.045 percent of EU output from 1.03 percent in an earlier proposal. "This is about getting an agreement that allows Europe to move forward," Prime Minister Tony Blair told a 3 a.m. (0200 GMT) news conference, stressing the deal would launch a massive shift of resources to the ex-communist newcomers.
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